Namibia central bank leaves lending rate unchanged at 6.75pc

WINDHOEK: Namibia's central bank left its benchmark lending rate unchanged at 6.75 percent on Wednesday for a fourth meeting in a row, saying the current level was appropriate to support economic growth.

Namibia's economy slipped into a recession after growth contracted in the final two quarters of 2017 as the construction and retail sectors shrunk.

At the meeting the Bank of Namibia said foreign currency reserves had fallen to 26.1 billion Namibian dollars ($2.17 billion) from 30.2 billion Namibian dollars at the end of 2017.